Safilo Group S.p.A has agreed to pay €21m to Italian Fiscal Authorities to settle embezzlement claims alleging transfers of large amounts between different entities, which took place 2007-2011.

In a statement the company sad ‘Safilo S.p.A. has decided to accept the settlement proposal, as the key matters of the dispute are largely subjective, in as much as they imply, for instance, the evaluation of the arm’s length nature of the application of prices to foreign subsidiaries.’